Marin County Grand Jury
• 2012-2013
College of Marin Foundation What's Now? Whats Next? -Revised[PDF]
⚠️ Translation Notice: This content has been automatically translated. The original English text is the official version. Translation may contain errors.
⚠️ Este contenido ha sido traducido automáticamente. El texto original en inglés es la versión oficial. La traducción puede contener errores.
Findings 5 findings
F1
Historically, there has been a lack of transparency regarding the Foundation’s methods and financial circumstances and this has led to spending donor funds on non-donor designated purposes.
F2
As of the date of this report’s finalization, the Advancement Office of College of Marin is neither a USC 501(c)(3) nor a California State 23701e-designated non- profit organization and this creates potential problems for the acceptance of corporate donations.
F3
As of the date of this report’s finalization, The Foundation has not filed IRS Form 990 and California State Form RRF-1 since 2011. These forms are required to be submitted every fiscal year in order to renew an organization’s tax-exempt status.
F4
The College is currently in charge of all Foundation assets and with that comes potential for a conflict of interest.
F5
No source for emergency funds exists for students in immediate need of financial assistance since Restricted funds were repurposed.
Recommendations 5
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R1The Board of Directors of the current Foundation and any successor organization collecting funds in support of College of Marin, its students, programs and departments, make public, on a quarterly basis, the status of the Foundation or its successor, its assets and plans for the immediate future.
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R2College of Marin's Advancement Office file for USC 501(c)(3) and State of California 23701e status.
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R3The Foundation immediately file IRS Form 990 Return of Organization Exempt from Income Tax, and State Form RRF-1, Annual Registration Renewal Fee Report to Attorney General of California, for 2012 to renew the organization’s registration as a public benefit corporation. These forms must be on file for the Foundation to collect money legally or to proceed with dissolution.
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R4The College, immediately following the dissolution of the Foundation, create an independent body to collect and administer donations to benefit students and programs of the College.
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R5College of Marin’s Office of Advancement contact outside sources, including service groups, to arrange for emergency funds for students in immediate need of financial assistance until a permanent program to address these needs is established.